Is PAX in Danger?

Discussion in 'Finance, Property, Law' started by Letterwritingman, Sep 16, 2008.

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  1. I seem to recall that AIG underwrite the PAX Insurance scheme. The same AIG that is in a desperate state at the moment, if that is indeed still the case what ramifications does this hold for your average PAX holder? :(
     
  2. Over to you PAXBloke
     
  3. Quote

    Taken from BBC web site

    Well, for starters there is Merrill Lynch. US authorities and many bankers feared that after Lehman's demise the attention of investors and speculators would have moved to Merrill.

    The bank hopes to find safety under the roof of banking giant Bank of America.

    The biggest worry, though, is insurance giant AIG. The company is running out of cash to cover its losses and has asked the government for an emergency bridging loan, reportedly to the tune of $40bn.

    If AIG is in trouble, it would directly affect millions of consumers and companies around the world. It would also hurt the whole financial system, because AIG is in the centre of a web of complex financial deals.

    And compared with AIG, the crisis surrounding Lehman is small beer.


    Also Man utd will be in the poo also haha - AIG owned by Messers Glazier and Co. i can see gap in the market if I were a Royal Middle Eastern Prince
    pax will be thier small fish compared like other thing of Football clubs.

    I would sack it now and look for alternative insurance methods.
     
  4. nearly everyone in the army is covered by PAX insurance, ther fore i cannot see it failing any time soon
     
  5. just out of interest, does anyone know who props up NAAFI? Just on the off chance that robbing shower of bast@rds might go belly up.........
     
  6. i hope that aldi or LIDL takes naffi over, at least it will be cheaper
     
  7. Sorry you've lost me with that statement.

    How do you reason that then? :?
     
  8. ViroBono

    ViroBono LE Moderator

    In case you missed the sticky above, corporate posters are no longer allowed, so we are unlikely to get a response from PAXBloke. I think this is a shame, but the situation was brought about by an insurer (not PAX) persistently advertising and failing to adhere to FSA rules in posts.

    However, I will make contact with PAXBloke and try to get an answer.
     
  9. The US government today issued an 85 billion dollar loan to AIG today safeguarding its future. The company was simply too big to be allowed to fail. The treasury took 80% of the stock as a guarantee so this effectively makes AIG a nationalised company much like N Rock is with UK.
     
  10. im lost too, i'm sure our premiums will keep aig afloat, i'm wondering, as im deploying next week, to up my units to the max. this was my original plan, or to arange a second policy incase pax goes tits up

    the £48 billion is only a bridging loan and although the sum seems vast in that league it could get spent quite quickly i would guess

    and as for aldi taking over naafi, i was in the pound shop the other day and every thing was a pound...they get my vote
     
  11. Got this today, after putting in a complaint about pax last Nov 2007 to Financial Ombudsman Service

    Dear Mr Monsstar

    I am pleased to confirm that we will be able to allocate your complaint against New Hampshire (pax).
    to an adjudicator in my team soon, and certainly by 12 Nov 2008. The adjudicator will be in touch with you as soon as this happens, to explain personally what the next steps are and how they will be handling your case.

    I am very sorry for the delay and thank you for your continued patience.

    In the meantime, if you need to contact us, please phone 020 7093 5500 during office hours, email us at casework.support@financial-ombudsman.org.uk, or write to the casework support tarm at the above address.


    pax is like tapax only full of S**t
     
  12. ViroBono

    ViroBono LE Moderator

    I expect to be able to post a statement from PAX very soon. In the meantime, I understand that PAX is underwritten by AIG(UK), a separate entity to the company that is the subject of the media stories.
     
  13. Bowmore_Assassin

    Bowmore_Assassin LE Moderator Book Reviewer

    squideypie, if you think our monthly payments into AIG will keep them afloat you are sadly mistaken. Pax payments from us soldiers to a multi-billion pound insurance company might be part of their big picture but in no way are we a big enough contributor to 'keep them afloat.' If AIG goes under and pax was part of it, PAX would fall over.

    Having said that I note someone more knowledgable than I has indicated in a post on this thread that Pax is through AIG (UK) which is different so hopefully our money is not being thrown down a drain.